Blockchain Storage Platform Sia Improves Platform Stability, Upload Speed in New Release

Sia, a blockchain-leveraged cloud storage platform developed by Nebulous Inc, is improving system stability and upload speeds, and added new features with its latest release.

David Vorick, CEO of Nebulous Inc, tells AllCoinsNews:

The biggest feature in our new release is auto-renew on files. We’ve also made significant improvements to upload speeds on the network, and greatly improved the overall stability of the software. We are expecting this upcoming release to be the final beta release before a 1.0 release in March.

Before the new release, some users were not able to configure hosting easily, admits Vorick. The host configuration has been improved significantly for the latest release.
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Since June 2015, Sia has been a fully functioning cloud storage network. Vorick estimates the number of users utilizing Sia currently numbers in the low hundreds, but it is difficult to determine actual numbers due to Sia’s privacy features. There are currently 13,000 file contracts, which map to about 6,000 files, on Sia’s blockchain.

Rather than releasing a separate drive-share application like Storj.io, Sia does everything in one application, including hosting, renting, and wallet management. A large update to the renting interface will accompany the upcoming release. Users will be able to store files in a folder structure similar to Dropbox or Google Drive, and navigate Sia folders from the app. Sia has no plans for mobile apps for the near future.

The platform’s proprietary currency, Siacoin, appears to be fairly stable: However, Vorick explains the inflation and the utility of the cryptocurrency:

The market cap of our currency is currently $184,000. The privacy features of Sia make it difficult to establish a coin distribution, but we currently believe that no more than 5% of the coins are owned by any single party. Sia will continue to be high-inflation for the next year or so, which will reduce this ownership to about 2.5% unless the owners continue to buy coins. The top 10 owners probably own less than 15% of all coins, but again it’s difficult to be certain because of Sia’s privacy features.

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Courtesy of CoinMarketCap.com

Sia can be purchased on cryptocurrency exchange Poloniex using bitcoin. Once as user has added coins to the wallet, they can begin uploading files immediately, says Vorick. Uploads in the current release are slow, and files larger than 500MB are not recommended, according to Vorick. Uploads in the upcoming release will apparently be faster and should reasonably support large files.